New FSA body 'will have to change bankers' attitudes'

An independent financial advisor (IFA) has claimed that the Financial Conduct Authority (FCA) will have to work hard to change the attitudes of the industry's senior managers.

Informed Choice chartered financial planner Nick Bamford explained that the proposed body, which is set to take over some of the Financial Services Authority's (FSA) responsibilities, will face a challenge in altering the mindset of bosses at some of the UK's top finance firms.

"With the role of the FCA having shifted since its original ... we wonder how the FCA might succeed in its goal of restoring consumer trust in financial services," the Financial Times reported him as saying.

FSA chief executive Hector Sants recently admitted that he was disappointed that so many large companies and senior bosses have failed to learn lessons from past mis-selling scandals.

"Sadly the recent history of the British retail financial services industry is proof of the adage that those who fail to understand the mistakes of the past are condemned to repeat them," he said.

FSA interim managing director Margaret Cole recently slammed banks for their aggressive tactics when selling payment protection insurance.

Posted by Claire Robin